As it aims to develop an online shopping portfolio, Boosted Commerce said it has notched $87 million in investment and has purchased six Amazon fulfillment (FBA) firms. The company intends to "acquire and develop" 100 online shopping consumer packaged brands in the four years to come, according to an announcement.
Boosted said it is creating a cadre of third-party firms and brands that have strong shopper affinity and sales on Amazon and Shopify. The company provides sellers with a closing process that takes 45 days, which is “built on a commitment to fair, market-value offers and ethical, transparent negotiations,” according to the announcement.
"Amazon and Shopify have dramatically empowered thousands of online businesses that are generating billions of dollars in economic impact, creating countless jobs and unprecedented opportunities for small brands," Boosted Commerce Co-founder Charlie Chanaratsopon said in the announcement. "We're leveraging the hard work these entrepreneurs have put into creating popular brands used by millions of people and taking them to the next level."
Boosted said FBA firms comprise 60 percent of gross merchandise sold on Amazon. As it stands, eight million third-party merchants are on Amazon, while just under 370,000 have come on board in 2020, according to Boosted.
In the past, Chanaratsopon had developed a retail brand that spanned 350 locations around the world, 5,000 staffers and $500 million in sales, according to the announcement.
The news comes as BitX Funding, the online lending marketplace that connects company owners and non-bank lenders, was seeking to assist Amazon third-party (3P) sellers with expansion. BitX Funding President Todd Rowe said in a previous announcement, "BitX Funding is committed to helping Amazon power sellers by providing the funding needed to take their eCommerce business to the next level." At the time, the firm said that FBA sellers possess a “tremendous opportunity” to grow with the digital economy.